Connemara Mining Company plc [CON] - Positive Results from Wicklow Gold Survey
24 July 2012
Positive Results from Wicklow Gold Survey
Connemara Mining Company plc (“Connemara”) (AIM: CON), the diversified exploration company with principal assets in base metal zinc, lead, and gold exploration licences across Ireland, today announces that the Airborne Magnetic, Electromagnetic & Radiometric survey undertaken by Hendrick Resources Ireland Ltd (“Hendrick”), completed on 16 May 2012, has produced encouraging results.
A strong, northeast southwest trending magnetic high located along the west of the Connemara licence block indicates a deep seated structural zone. There are multiple magnetic highs splaying off this zone, which are indicative of a prospective structural setting. These are typical features in areas associated with gold mineralisation. One of the splays coincides with the high grade gold results discovered by Connemara and others at Tombreen and Knocknalour between the Connemara prospecting licenses 2558 & 2554 located on the Wexford/Wicklow border. Similar zones are found to the north at Carnew and the northeast at Clohamon.
A follow up ground based exploration programme will be undertaken in the coming months.
Hendrick has a joint venture with Connemara whereby it can earn a 75% interest in the Connemara gold licences by spending €1m.
John Teeling, Chairman, commented, “We are very pleased by the results of the survey conducted by Hendrick. Wexford/Wicklow has long held the potential to host commercial gold deposits. The airborne survey results highlighting the Tombreen and Knocknalour areas supports our earlier work but new areas are identified near Carnew and north east of Clohamon. It is very early days in this exploration but the results are very encouraging.”
Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licences as well as shear hosted gold exploration licences in Ireland. The company holds interests in 34 licences covering an area of approximately 1,250 sq km.
This announcement has been reviewed and approved by the Company’s technical director Graham Reid (P.Geo) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years’ experience in mineral exploration and site investigation fields.
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